What are the most significant trends affecting business today? McKinsey Quarterly has an interesting article summarizing survey results. Key takeaways:
- Business is changing rapidly, due to product innovation, easier communication, cheap capital
- Competition is increasing through greater capability of competitors, and sheer number of competitors
Business Strategy Implications: I still hear people say that they don’t have significant competitors. If you think that, you’re in denial.
Business Strategy Impliations # 2: How fast can you change as technology, information and competition changes? That’s a key skill this century.